Advice for employers following landmark Minimum Wage increase

2 minutes to read Following the government’s announcement of a 6.2% rise in the National Living Wage (NLW) from 1st April, employers are facing the question of how best to adjust their overheads in order to manage the increase. We have examined the potential benefits of the NLW raise for employers as well as their employees, and have put forward …

Knowing your nuptial agreements: what works for whom, and why

3 minutes to read Whilst high-profile prenuptial agreements are never far from the headlines, other forms of relationship agreement – post-nups and living together agreements, for instance – are less known options that may be overlooked by individuals. We have joined forces with leading law firm Shakespeare Martineau LLP to examine the different relationship scenarios that may benefit from …

The end of the road for Entrepreneurs’ Relief?

2 minutes to read With the 11th March budget looming, speculation is rife that Entrepreneurs’ Relief (ER) is to be curtailed or even abolished. Introduced over a decade ago, ER allows eligible business owners pay capital gains tax at a reduced rate of 10% when they sell / exit their business, rather than the usual rate of 20%. Up to …

Caution for businesses as MTD for VAT “soft landing” period comes to an end

2 minutes to read From 1st April 2020, HMRC’s Making Tax Digital (MTD) for VAT one-year “soft landing” period for digital links will be coming to an end, meaning businesses with turnovers above the VAT threshold will no longer be permitted to “copy and paste” or manually transfer data from different elements of their accounting systems. With instances coming to …

IHT traps, Jacquelyn Kimber examines the new rules for residential property and also points out some traps and anomalies in the Business Property Relief rules.

9 minutes to read What is the issue? Since 6 April 2017, inheritance tax has become relevant to owners of UK residential property, irrespective of domicile and residence. Outside the realm of residential property, this complex tax can produce some surprising results. What does it mean to me? Trustees of excluded property trusts are now within the scope of …

Top tips for investing and financial planning from Newby Castleman Wealth Management

2 minutes to read We have teamed up with GHC Wealth Management to put together a list of top tips for those looking to invest, plan their pensions or otherwise manage their finances. With interest rates remaining low, investing could be a wise move in the current financial climate. Decisions about when, where and how much to invest should …

All Change – The payment and administration of capital gains tax is changing from April 2020, are you ready?

7 minutes to read What’s the issue? The next round of changes to CGT are planned from April 2020. From 6 April 2020, where CGT is due on residential property disposals, a return will need to be filed, and the ‘notional CGT’ due must be paid within 30 days of the date of completion. What can I take away? The relevant …

Tips for getting on top of the self assessment tax return deadline

2 minutes to read Whilst the 2018/19 tax year end may seem like a distant memory, the 31st January 2020 deadline for filing online Self Assessment tax returns is fast approaching. We have compiled a handy checklist to help business partners, those who are self-employed and others with taxable income to prepare for the end of the month with the …

Private Residence Relief: start preparing now for changes to ancillary reliefs

2 minutes to read From 6th April 2020, capital gains tax relief on the sale of a taxpayer’s principal private residence relief (PPR) is set to undergo two major modifications: one relating to lettings relief, the other to final period exemption. We have examined the potential pitfalls of these changes and are suggesting how those affected can best prepare themselves …

Plastic packaging tax: how businesses could benefit

2 minutes to read In 2019, the government held a consultation on its plans to introduce a world-leading tax on the production or import of single-use or low recycled content plastic from April 2022. Hundreds of responses were received and a further consultation, followed by draft legislation, is promised for 2020. We have examined the proposals and considered their …